Gelber & Associates (G&A) is pleased to provide a five-year natural gas forecast for NYMEX Henry Hub and ten basis locations in the U.S. for the years 2022 through 2026. The 2021 natural gas landscape has shifted dramatically from the woes of 2020. The market has successfully transitioned from a COVID-stricken, low-price environment to a higher-price one predominantly driven by undersupply during the injection season and fear of a cooler than average winter. Booming demand, fueled by international shortages of gas, coal, and other energy sources led to dramatic price increases across all energy commodities late this year. Meanwhile, the natural gas supply in 2021 has remained stagnant but is now displaying early signs of potential growth to come. Going into 2022, given ongoing dislocations in Europe and Asia, it is an open question whether the market can restore a sense of balance and regularity to the domestic market, or whether an extended cycle of volatility and fundamental disruptions are here to stay.

This presentation and the associated document describe the price and basis implications of these changes for the five-year period from the start of 2021 to the end of 2025. Basis points examined include Katy Hub, Tennessee 500-Leg, Tx Eastern ELA, Columbia Gulf Mainline, Texas Gas Zone 1, NGPL Texok , Southern Star, CIG Rockies, REX Zone 3 and Waha Hub. Analysis of such locations provides a forecast of the basis differential to Henry Hub, offering insight into the market and identifying potential hedging opportunities.